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Whitewater Co. lost its entire inventory in a flash flood that occurred on August 31, 20##. Over the past 4 years gross profit has averaged 32% of net sales. The following records for August were recovered:
Beginning Inventory
$38,600
Net Purchases
$341,900
Sales
$530,400
Sales returns and allownaces
$12,300
Sales discounts
$6,500
Requirements:
1. Estimate the August 31 inventory using the gross profit method.
2. Prepare the August income statement through gross profit for Whitewater Co.
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